Delhi High Court held that reopening of assessment u/s. 148 of the Income Tax Act unsustainable as PCIT already decided the matter in favour of the assessee while invoking revisionary powers u/s. 263 of the Income Tax Act. According, reassessment action quashed.
The respondent-Society had applied for registration pleading that it was running a private Industrial Training Institute imparting vocational to the students, and the same was duly affiliated and regulated by National Council for Vocational Training (NCVT).
ITAT Bangalore allows Vikas Co-operative’s appeal, stating addition under Section 69A cannot be made solely on the basis of not accepting demonetized currency.
ITAT Bangalore rules CIT(A) cannot dismiss an income tax appeal on limitation grounds after con-doning the delay. Case remitted for fresh consideration.
New CGST building in Delhi inaugurated; DRI busts illegal Mephedrone factory in MP, seizing ₹168 crore worth of drugs, and intercepts ₹25 crore currency smuggling.
SEBI introduces a framework for monitoring shareholding norms of Market Infrastructure Institutions (MIIs), enhancing compliance for listed and unlisted entities.
SEBI issues corrigendum linking Commodity Derivatives Segment rules to the circular on financial disincentives due to technical glitches for MIIs, effective October 2024.
The GST Invoice Management System (IMS) is live from 14th Oct 2024. It helps taxpayers match invoices for accurate ITC claims. GSTR-2B to be generated on 14th Nov.
ITAT directs fresh adjudication in Prakruthi Mahila Credit Society vs ITO case after 5 rapid notices were issued by CIT(A) within 40 days, disregarding Form 35 facts.
New ITC rectification process under Section 16(5) & 16(6) of CGST Act allows correction of past orders, offering relief to taxpayers. Apply by 07-04-2025.
